Share this
by Stephen Perry on 10/21/2024
Irvine, CA (October 21, 2024) – Janes Capital Partners served as financial co-advisor alongside Oaklins colleagues TM Capital to Mid Continent Controls, Inc. (“MC2”), in connection with its sale to HEICO Corporation (NYSE: HEI)
HEICO Corporation (NYSE:HEI) announced that its Electronic Technologies Group acquired approximately 88% of Mid Continent Controls, Inc. ("MC2") for cash at closing. Key MC2 managers will continue to own the balance of the company. Additional financial details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within the year following the acquisition.
Derby, KS-based MC2 is a niche designer and manufacturer specializing in proprietary in-cabin power and entertainment components and subsystems for business jets. Its core products include power outlets, power distribution modules, cabin management systems, multimedia connectivity ports, seat controls and switch panels.
MC2's products enhance the aircraft user experience, enabling passengers to mirror their ground experience in the air as they stay connected in flight. The company offers hundreds of different niche parts used on a wide range of business aircraft, while serving both new aircraft production and the aftermarket.
Founded in 1996 by industry veteran Rick Hemphill, MC2 employs approximately 60 people at its Derby, KS engineering, production and testing facility. Rick Hemphill's son, Thomas Hemphill, will continue leading MC2 as its president, along with Mike Freel, MC2's General Manager. Thomas Hemphill and Mr. Freel will also remain company shareholders. Rick Hemphill will continue as a guiding consultant to MC2. HEICO stated that MC2 will operate from its Derby, KS location and that it does not expect material Team Member turnover to result from the acquisition. MC2 will report to HEICO's Radiant Power Group, which serves some of the same markets as MC2.
About Mid Continent Controls
Derby, KS-based MC2 (www.midcontinentcontrols.com) is a niche designer and manufacturer specializing in proprietary in-cabin power and entertainment components and subsystems for business jets. Its core products include power outlets, power distribution modules, cabin management systems, multimedia connectivity ports, seat controls and switch panels.
About HEICO Corporation
Based in Miami, Florida, HEICO Corporation (NYSE: HEI) (www.heico.com) primarily engages in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries.
About Janes Capital Partners
Based in Irvine, CA, Janes Capital Partners is a leading investment banking firm focused solely on the Aerospace and Defense industry. The firm provides mergers and acquisition advisory services and assists clients in executing growth strategies and liquidity events. The members of Janes Capital Partners have completed more than 80 successful A&D transactions and $5.5 billion in closed transaction value. Securities transactions are conducted through JCP Securities, Inc., a registered Broker/Dealer, member FINRA/SIPC, and registered Investment Advisor.
Janes Capital Partners is an independent financial advisory firm that is affiliated with Oaklins International Inc (www.oaklins.com). Oaklins is the world’s most experienced mid-market M&A advisor, with 850 professionals globally and 15 dedicated industry teams in 45 countries.